CGI Group’s latest consumer survey on digital financial services has revealed that over 75% of consumers want to acquire new digital financial services from their current financial institution or another traditional provider over a non-traditional provider.
The survey report titled ‘FinTech Disruption in Financial Services’ noted that 78% of consumers identified digital protection as a highly valued service, 83% said they are aware of this service and 52% said they intend to use it.
Out of 1,670 consumers surveyed, 61% identified personal financial management—including the ability to see all personal financial information in one place—as a highly valued service. Nearly two-third (63%) said they are aware of it and 37% saud they intend to use it.
More than half (51%) of the respondents cited mobile payments as a valuable service, and 94% said they are aware of it with 53% intending to use this service.
The study found lack of trust to be the biggest obstacle to purchasing across all financial digital services, followed by perceived complexity and risk aversion.
CGI global lead for retail banking Kevin Poe said: "Incumbent banks are well positioned to offer new digital financial services based on their trusted customer relationships with high-levels of up-take. Partnerships with FinTech firms can allow banks to move more quickly—one of the approaches banks are taking to meet rising customer expectations for fast, personalized digital services as we heard in our Global 1000 conversations.
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"Work is needed to reduce the complexity of these digital services and aid purchase. On the other hand, new market entrants must find ways to overcome the hurdles of customer access and trust, and partnerships with banks provide a potential solution to these challenges," Poe added.
CGI surveyed consumers in the U.S., Canada, the U.K., France, Germany, Sweden, Singapore and Australia and examined 12 fintech-driven service concepts, including digital identity and fraud protection, aggregated personal financial management, mobile payments, personalized digital experience, and more.